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REVENUES | 3 Months Ended
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Mar. 31, 2019
REVENUES [Abstract] |
REVENUES |
(4) | REVENUES
The following table sets forth the Company’s revenues by major source for the three months ended March 31, 2019 and 2018 (in thousands):
|  | Three months ended March 31, |
|  | 2019 |  |  | 2018 |
Marine transportation segment: |  |  |  |  |  |
Inland transportation |  | $ | 283,085 |  |  | $ | 252,355 |
Coastal transportation |  |  | 85,036 |  |  |  | 88,048 |
|  | $ | 368,121 |  |  | $ | 340,403 |
Distribution and services segment: |  |  |  |  |  |  |  |
Oil and gas |  | $ | 223,101 |  |  | $ | 274,491 |
Commercial and industrial |  |  | 153,399 |  |  |  | 126,794 |
|  | $ | 376,500 |  |  | $ | 401,285 |
Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time as the related performance obligation is satisfied. The amount of revenue recognized in the first quarter of 2019 that was included in the opening contract liability balance was $50,921,000. The Company has recognized all contract liabilities within the deferred revenues financial statement caption on the balance sheet. The Company did not have any contract assets at March 31, 2019 or December 31, 2018. The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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